Spotlight

Indian markets are expected to open on a steady yet cautious note, supported by a sharp decline in crude oil prices and improving sentiment surrounding the ongoing United States–Iran negotiations. Reports indicate that both nations have agreed to a 60-day truce renewal, pending final approval from U.S. President Donald Trump. Although formal confirmation is still awaited, the development has significantly improved global risk sentiment and raised hopes of sustained de-escalation in the Middle East.
 
Crude oil prices have declined further and are now trading well below the $90 per barrel mark, currently in the $87–89 range. The sharp correction in oil prices marks a significant relief for the Indian economy, as it is expected to ease pressure on inflation, import costs, and corporate margins.
 
On the currency front, the Indian rupee continues to trade in the 95.6–95.8 zone against the U.S. dollar. Despite the recent fall in crude oil prices, the currency remains under pressure amid persistent external uncertainty and cautious institutional positioning.
 
Foreign Institutional Investors (FIIs) have continued to remain net sellers in recent sessions. Persistent FII outflows remain a key concern and could limit the extent of any near-term domestic market recovery, although Domestic Institutional Investors (DIIs) continue to provide selective support.
 
Overall, market sentiment is likely to remain cautious. The sharp decline in crude oil prices and progress toward a U.S.–Iran truce are supportive for equities, while continued FII selling and the pending approval of the truce agreement may keep gains capped in the near term.

Technical view

Nifty 50

Nifty 50 continues to trade with a cautious undertone amid ongoing consolidation near key resistance levels. Technically, the 24,000–24,100 range continues to act as a strong immediate resistance zone, and a sustained breakout above this region could revive bullish momentum and push the index toward the 24,200–24,400 levels. Momentum indicators remain neutral, with the RSI hovering near the 51 mark, reflecting balanced market sentiment and the absence of aggressive directional momentum.
 
On the downside, the 23,800 zone remains an important immediate support area, and holding above this region will be crucial to prevent renewed downside pressure. A decisive break below this support band could drag the index toward the 23,600–23,500 levels. Overall, the near-term technical structure remains cautious and range-bound, while a decisive reclaim above the psychological 24,000 mark will be essential to strengthen bullish momentum further.

Bank Nifty

Bank Nifty continues to trade with a cautious to mildly weak undertone amid lack of strong follow-through buying at higher levels. Technically, immediate resistance is placed near the 55,400–55,600 zone, and a sustained breakout above this region could improve sentiment further and extend recovery momentum toward the 55,800–56,000 levels. However, failure to reclaim higher resistance levels may keep the index consolidative with a cautious bias.
 
On the downside, the 54,700–54,600 zone remains an important immediate support area, while the broader 54,400–54,200 range continues to act as a strong base support zone. A decisive break below these levels could trigger fresh downside pressure toward the 53,900 region. Overall, the near-term technical structure remains cautious, while stronger bullish momentum is likely only on a decisive move above immediate resistance levels.